Exercise 3-6 Selected transactions for Home Place, an interior decorator corporation, in its first month of business, are as follows. 1. Issued stock to investors for $15,000 in cash. 2. Purchased used car for $10,000 cash for use in business. 3. Purchased supplies on account for $300 4. Billed customers $3,700 for services performed 5. Paid $200 cash for advertising start of the business 6. Received $1,100 cash from customers billed in transaction (4) 7. Paid creditor $300 cash on account. 8. Paid dividends of $400 cash to stockholders. For each transaction indicate the basic type of account debited and credited (asset, liability, stockholders' equity); the specific account debited and credited (Cash, Rent Expense, Service Revenue, etc.); whether the specific account is increased or decreased; and the normal balance of the specific account. unt Debit Account Credited Basic T Effect Increase Normal Balance Basic T Debit Specific Account Common Stock Effect Increase Normal Balan Credit 1. Asset 2. 3. 4 5. 6. Cash Stockholders' Equity